Ritchie keeps telling us that government spending pays for itself. Spend on the infrastructure and growth comes which pays the debt.
Cayman islanders say the previous government spent a huge amount of money upgrading the island’s ancient infrastructure, betting it would be able to pay back a budget deficit of $67.5m as its financial sector continued to grow. But the global financial crisis has created a huge black hole in its budget.
Oh, you mean it doesn\’t?
The amusement is of course that that is Ritchie himself quoting that in support of his views that government spending always pays for itself.